Toward the end of trading Wednesday, the Dow traded up 1.55
percent to 16,123.82 while the NASDAQ gained 0.82 percent to
4,057.99. The S&P also rose, gaining 1.42 percent to
Top Headline The long awaited FOMC statement was finally
delivered today, with the Federal Reserve deciding to Taper
quantitative easing to a pace of $75 billion a month, with
monthly purchases dropping from $45 billion to $40 billion a
This comes on the heels of a strong jobs report and continued
strength in the housing sector.
The news sent commodities like gold and silver into a series
of radical whip-saws as liquidity plummeted, while the major
indices dipped briefly before staging a large rally.
Equities Trading UP Valassis Communications (NYSE:
) shot up 22.16 percent to $34.57 after the company
agreed to be acquired
by Harland Clarke Holdings Corp for $34.04 per share in cash.
Shares of Lennar (NYSE:
) got a boost, shooting up 6.36 percent to $37.45 after the
reported a rise
in its fiscal fourth-quarter profit.
) was also on the rise, gaining 6 percent to $11.31 throughout
Wednesday's trading session after Northland Securities initiated
the stock with an Outperform rating and a $13 price target, while
the late day market rally added fuel to the fire.
Equities Trading DOWN Shares of Jabil Circuit (NYSE:
) were down 20.46 percent to $15.69 after the company reported
downbeat fiscal first-quarter
results and issued a weak outlook for its second quarter.
Citigroup downgraded the stock from Neutral to Sell and lowered
the target price from $24 to $14.
VeriFone Systems (NYSE:
) shares tumbled 7.36 percent to $23.16 after the company posted
a loss in its fiscal fourth quarter and
issued downbeat earnings
forecast for the fiscal first quarter and full year.
) was also falling on Wednesday's session, dropping 6.23 percent
t $15.66 after the company announced that it sees its fiscal year
2014 automotive revenue roughly equivalent to 2013, while it
expects a lower pre-tax profit.
Commodities In commodity news,
oil traded up 0.69 percent
to $98.14, while gold traded up 0.19 percent to $1,232.80.
Silver traded up 0.60 percent Wednesday to $20.03, while
copper fell 0.08 percent to $3.32.
Eurozone European shares today. The Spanish Ibex Index gained
0.92 percent, while Italy's FTSE MIB Index climbed 1.01 percent.
Meanwhile, the German DAX surged 1.05 percent and the French CAC
40 jumped 0.86 percent while U.K. shares gained 0.24 percent.
Economics US housing starts jumped 22.7% to an adjusted annual
rate of 1.09 million in November. However, economists were
projecting housing starts to reach a rate of 955,000.
The MBA reported that its index of mortgage application
activity declined 5.50% in the week ended December 13, 2013.
Crude supplies dropped by 2.9 million barrels for the week
ended December 13, the US Energy Information Administration
reported. However, analysts were expecting a fall of 4 million
The FOMC will announce its policy decision at 2:00 p.m. ET,
while Fed Chairman Ben Bernanke will hold press briefing at 2:30
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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